Bank of America Corp. CEO Kenneth Lewis’ pay fell 4.2 percent to $20
million last year as the bank announced its $47 billion purchase
of FleetBoston Financial Corp. and its stock lagged behind industry peers.
The second-largest U.S. bank behind Citigroup Inc. paid
Lewis, 57, a salary of $1.5 million, a $5.37 million bonus, $10.7
million in restricted stock and options the Charlotte, North
Carolina bank valued at $2.23 million on the day they were
granted, according to a company filing with the Securities and
Exchange Commission.
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Lewis, whose bonus and salary were unchanged from 2002, has
presided over 10 quarterly profit gains in the 12 quarters since
taking over as chief executive in April 2001. He settled mutual
fund probes with regulators in March and completed the purchase
of FleetBoston April 1 forming a bank with 35 million customers
and 5,700 consumer offices in 29 states.
Bloomberg News
